Find the Best Personal Loans in Billings, MT

Choosing a personal loan company in Billings

Billings residents have numerous reasons for taking out a personal loan. The cost of living in Billings is average, but some people need an extra hand when it comes to taking a vacation or renovating their homes.

Knowing what you need in a personal loan helps narrow down your options to find the company that best fits your requirements. Look at the interest rates the company offers and the loan terms. Consider what fees the company charges and its overall reputation.

Here are some typical features to evaluate:

• A company’s minimum and maximum loan amounts: Every company sets its own minimum and maximum loan amounts, so it's essential to compare lenders to find which ones have what you need.
• Repayment term lengths: Personal loans come with fixed repayment terms, but that doesn’t automatically mean good repayment terms. A long-term loan means you pay less monthly but more in interest.
• Credit score requirements: Many personal loan companies prefer borrowers with a good credit score. Some companies work with borrowers who have poor credit, but these companies typically charge higher interest rates.
• How quickly you want or need funds: Usually, it takes about seven business days to get a personal loan. The process can take more than 30 days, and some lenders get you the money in as little as one day.

Personal loan costs in Billings

The cost of a personal loan for Billings residents varies significantly based on the company you choose. Some quick loan companies charge annual percentage rates (APR) as high as 160%, while others have lower rates. On average, consumers should expect to pay around 20% APR. Be sure to request rates and terms from several companies before deciding on a loan company in Billings.

Billings personal loans FAQ

Can you get a personal loan with a credit score of 550?

Usually, you need a credit score of 600 or higher to get an unsecured personal loan. With a credit score of 550, you end up paying much more in interest.

What's the minimum credit score for a personal loan?

Most companies require a minimum credit score of 600. There are some options for people with bad or no credit, though — for example, having a co-signer on the loan.

What should I look for when getting a personal loan?

Anyone getting a personal loan should look at what makes a company the right choice for them. This includes interest rates, fees, repayment flexibility and loan terms.

Is it a good idea to take out a personal loan?

There are situations when taking out a personal loan is a good idea — for example, to consolidate debt or pay medical bills. In general, only take out a loan if you have a plan to repay it.

Does a personal loan hurt your credit?

When you apply for a personal loan, the loan company performs a hard inquiry on your credit. Hard inquiries cause a temporary dip in your credit score.

Should I take a personal loan to pay off credit cards?

If you take out a loan to pay off credit cards, make sure it benefits you in some way. Some examples are consolidating your debt or lowering your interest rate.

Can you pay off a personal loan early?

Yes, but some lenders charge prepayment fees that penalize you for paying your loan off early. Always read the fine print to make sure you don't end up paying more.

Does paying off a personal loan early help your credit?

Paying off an installment loan early neither raises nor lowers your credit score. To build your credit score, you can keep the loan open for the agreed-upon term to create a history of on-time payments.